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Palm Beach, FL

Apartment

At 5.3%, Palm Beach’s third quarter 2017 overall apartment market vacancy rate was up 70 basis points for the period and was up 120 year-to-date. The October rate, meanwhile, was put at 5.6%. Rent growth has been uneven: at $1,453 and $1,378 per month, third quarter asking and effective averages were up 4.4% and 4.5% year-to-date following gains of just 2.7% and 2.0% all told in 2016—after increases of fully 6.8% each in 2015. Gains for the third quarter of 2017 alone were 1.1% and 1.0%, to which October added increases of 0.6% asking and 0.5% effective.
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At 5.3%, Palm Beach’s third quarter 2017 overall apartment market vacancy rate was up 70 basis points for the period and was up 120 year-to-date. The October rate, meanwhile, was put at 5.6%. Rent growth has been uneven: at $1,453 and $1,378 per month, third quarter asking and effective averages were up 4.4% and 4.5% year-to-date following gains of just 2.7% and 2.0% all told in 2016—after increases of fully 6.8% each in 2015. Gains for the third quarter of 2017 alone were 1.1% and 1.0%, to which October added increases of 0.6% asking and 0.5% effective.
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Industrial

Palm Beach plays host to 22.9 million square feet of warehouse/distribution inventory. Vacancy in this sector closed the third quarter of 2017 at the notably low rate of 6.1%, down 60 basis points for the period alone and down 110 year-to-date—following a 50-basis-points increase in 2016. The 40,000 square feet of positive net absorption that followed in October lowered the rate additionally, to 5.9%. At $6.47 psf and $5.97 psf, third quarter mean asking and effective warehouse/distribution space lease rates were up 3.2% apiece year-to-date following 2016’s increases of 3.6% and 3.8%. Gains for the third quarter alone were 0.9% and 1.0%, to which October added increases of 0.3% apiece.
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Palm Beach plays host to 22.9 million square feet of warehouse/distribution inventory. Vacancy in this sector closed the third quarter of 2017 at the notably low rate of 6.1%, down 60 basis points for the period alone and down 110 year-to-date—following a 50-basis-points increase in 2016. The 40,000 square feet of positive net absorption that followed in October lowered the rate additionally, to 5.9%. At $6.47 psf and $5.97 psf, third quarter mean asking and effective warehouse/distribution space lease rates were up 3.2% apiece year-to-date following 2016’s increases of 3.6% and 3.8%. Gains for the third quarter alone were 0.9% and 1.0%, to which October added increases of 0.3% apiece.
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Office

Palm Beach’s general purpose, multi-tenant office market vacancy rate ended the third quarter of 2017 at 15.3%, down 20 basis points for both the period and year-to-date following a loss of 140 points all told through 2016. October’s negative net absorption added back 10 basis points. Rates of rent growth, increasing in 2014 and 2015, slipped in 2016 but are reviving in 2017. At $30.33 psf and $24.17 psf, average third quarter asking and effective rates were up 1.5% and 1.6% year-to-date following 2016’s gains of 1.5% and 1.9%. Gains for the third quarter alone were 0.7% and 0.8%. October followed with increases of 0.1%.
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Palm Beach’s general purpose, multi-tenant office market vacancy rate ended the third quarter of 2017 at 15.3%, down 20 basis points for both the period and year-to-date following a loss of 140 points all told through 2016. October’s negative net absorption added back 10 basis points. Rates of rent growth, increasing in 2014 and 2015, slipped in 2016 but are reviving in 2017. At $30.33 psf and $24.17 psf, average third quarter asking and effective rates were up 1.5% and 1.6% year-to-date following 2016’s gains of 1.5% and 1.9%. Gains for the third quarter alone were 0.7% and 0.8%. October followed with increases of 0.1%.
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Retail

At 8.8%, third quarter 2017 Palm Beach community-neighborhood shopping center vacancy was down 10 basis points for the period and overall year-to-date following a loss of 50 points through 2016. October shaved 30 additional basis points from the rate. At $23.97 psf and $20.97 psf, third quarter community-neighborhood center average asking and effective rents were up 2.4% and 2.5%, respectively, year-to-date following gains of 2.7% and 2.8% through 2016. Gains for the third quarter of 2017 alone were 1.4% each to which October brought no notable changes.
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At 8.8%, third quarter 2017 Palm Beach community-neighborhood shopping center vacancy was down 10 basis points for the period and overall year-to-date following a loss of 50 points through 2016. October shaved 30 additional basis points from the rate. At $23.97 psf and $20.97 psf, third quarter community-neighborhood center average asking and effective rents were up 2.4% and 2.5%, respectively, year-to-date following gains of 2.7% and 2.8% through 2016. Gains for the third quarter of 2017 alone were 1.4% each to which October brought no notable changes.
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